STRATEGIC PARTNERS
July 1, 2003
CHICAGO -- Bank One (NYSE: ONE) will invest $20 million in 2003 on improvements to Chicago-area branches and ATMs.
According to a news release, this brings the company's total announced investment to more than $100 million in its headquarters city over the next two years.
The new $20 million investment will go toward renovating Bank One's 208 Chicagoland branches and replacing 320 ATMs, a third of its Chicago area fleet. Earlier this year, the company began a two-year, $75 million initiative to add 30 new branches and 70 ATMs to its Chicago network.
The moves come at a time when other large banks, including Bank of America and Washingtom Mutual, have announced plans to expand in the Chicago market. Seattle-based Washington Mutual, for example, opened 28 Chicago area branches last month and said it planned to open another 50 to 80 branches "within the next few years," according to a report in the Milwaukee Business Journal.
This year also marks Bank One's 140th anniversary in Chicago. Bank One's predecessor, The First National Bank of Chicago, opened for business on July 1, 1863, according to the release.
The branch renovations will update existing locations with comfortable areas for waiting customers, including toys and books to entertain children waiting with their parents. Branches will also get new paint, carpet, furniture and signage as needed.
The ATM effort is part of a broader, three-year initiative to replace Bank One's entire network of more than 4,000 ATMs. Nationally, Bank One expects to invest more than $50 million to replace one-third of its ATMs this year.
According to the release, the new ATMs will feature larger touchscreens with full-color graphics; voice prompts for the visually impaired; and Web capability that will enable the easy addition of new functions.
